The University of Wisconsin-Oshkosh announced Tuesday it is offering eligible faculty and staff a voluntary retirement buyout with a one-time payment equal to 50% of an employee's annual base salary.

UW-Oshkosh becomes the third campus within the UW System to offer buyouts in an effort to reduce its workforce in the face of state budget cuts. UW-Eau Claire was the first, followed last week by UW-Superior.

UW-Oshkosh expects about 100 employees would be eligible. It has set a goal of reducing its workforce by 80 within the next three years.(39)

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No Sobo please tell as I think that number is very relevant to the question being asked. And sorry, a lot, isn't a viable answer. And in 25 years I will have paid my homes value in taxes, so why don't I get a taxpayer loan for repairs and upgrades?

Sorry, sobo. It's a loan from the City to the City, not to NML. To NML, it's a gift. They get $50M in improvements to their building that they do not have to pay back. They simply pay their property taxes like everyone else. The City then diverts a percentage of those funds to pay off the "loan".

I'm willing to bet the 70% that the city gets of the property taxes over 25 years (which it then gets 100% at the end of the loan) is well over what they are taking in right now on a much smaller business.

It is not a loan. Northwestern Mutual is not getting any money up front for this (which should not be a surprise given their financial standing). NML will recover $50 of their up-front investment in the project via property tax rebates over 25 years.

That is true, it is not upfront. It is however $50M that they get, and don't have to give to anyone else, whether up front or over time.

I'm not opposed to this TIF or TIF's in general. But I do want to make sure tax payers understand that this is a gift to NML, and not a loan. Money isn't being created out of thin air. The City is giving a private, profitable company $50M to build in town. If this is how we want gov't to do business, so be it. But don't kid yourself that this investment isn't the same side of the corporate welfare coin.

I completely agree with dk mke. If we asked Tom Barrett for $200k to remodel our houses and then say the increased taxes will pay back the gift, they would laugh at us. This is corporate welfare at its finest.

No City money is going to NML PRIOR to construction of the building; all the construction costs are funded by NML. Nor is any money going to them AFTER construction; they are getting a rebate in terms of $50 million lower property taxes, but the net results is they will still paying TO the City.

Maybe because NML has been around for well over 100 years, has been a SOLID cornerstone of the Milwaukee economy for that long, doesn't attract crime, and actually produces something other than overpaid consistantly losing jocks (yes, I am aware that the Bucks have made it into the payoffs after how long,) barhopping drunks patronizing establishments with minimum wage employees, and suburbanites that get enraged when they leave out their laptops and GPS units in plain view so that their cars get broken into. Hasn't the NML motto been "The Quiet Company?" Cannot say that about anything associated with the Bucks. Bango is the only awesome thing about the Bucks.

If NML is willing to pay $400m in construction costs any sane Milwaukee taxpayer would be fine with them getting 70% off their property tax bill until that rebate hits $50m. Although I'm in favor of a new stadium, sadly, no one has come forward with $400m to build one asking for $50m in property tax aid over 25 years. Instead, the public will likely be asked to fund the entire $400m.

I think mustudent nailed it. This has little to do with "gleaming lakefront office tower" versus "NBA arena". If pro sports owners would bring 70% of the cash to the table, I think it would be palatable for cities across the country to cough up the remaining 30%. The reality is that municipalities usually end up forking over 90% or more of a new facility with little to show for the expenditure. If somebody ponies up 70% of a new arena for the Bucks, then I think it is reasonable to ask citizens for the remaining 30%.

when the bucks employ 1,900 new employees making $60k and paying taxes on that, purchasing local homes, engaging in the local economy...then, hey i'm all for the bucks getting something. however, they don't, and won't...so, i'll bet on another 150 years of NM sticking around to milwaukee versus the bucks(or any pro sport team for that matter).

25 years before the city residents who actually love here, as opposed to commuting in and out, ever see a dime of tax money to support the services we all need. in the mean time the company will still get police fire, dpw ,and all other city services. Its just the rich using their city toy as they please.. and it pisses me off.

They get 70% over those 25 years. I'm willing to bet 70% of property taxes on a 1.1million sqft building is a lot more than 100% of the property taxes coming in for the small building that is there right now.

except that NM will still be paying their taxes at the current valuation of the property for the next 25 years. they're aren't getting a tax-free holiday. why is this so hard for people to understand? it's really not complicated.

Great news. I do have mixed feeling about the level of public money being used for something this, so there should be some guarantees, but still, this is a phenomenal project that will be excellent for Milwaukee.

Everything under the sun should be done to keep NML in MKE. They provide lots of good jobs and WANT to be here. They could easily just pick up and move somewhere cheaper with much better weather. They also like to pay taxes and support the community. God bless NML!